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Sep 20, 2009
09/09
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remember the week that lehman brothers fell one year ago. three men in the middle of the storm and their recollects to me in their observe words. >> there were a number of us there who knew this was not only a question about one company, one firm. this wasn't only about intercompany contracts and whether we will make money or somebody else makes money, but that if something did happen to lehman, it could undermine confidence in the entire financial system. >> going into the first part of this year, we went from bad to worse, worse to worse. and the marketplace was so frightened that people put so much of their free money into cash. >> it was stressful. it was emotional. we knew we were playing for big stakes. so, on one hand, we knew that if lehman went into bankruptcy, there would be huge implications in the markets. >> up next on the "wall street journal report," who is watching america's banks? i will talk to the woman in charge and how she keeps an eagle eye on them. sheila bair joins me. >>> and the cause for global education. my one-on
remember the week that lehman brothers fell one year ago. three men in the middle of the storm and their recollects to me in their observe words. >> there were a number of us there who knew this was not only a question about one company, one firm. this wasn't only about intercompany contracts and whether we will make money or somebody else makes money, but that if something did happen to lehman, it could undermine confidence in the entire financial system. >> going into the first...
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Sep 14, 2009
09/09
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WJZ
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. >>> it was one ring year ago today that financial giant no carrier lehman brothers collapsed. part of a financial no carrier ring crisis that rocked this country and the trig foresweeping government intervention in the financial no carrier > markets. today president obama heads to on ring wall street to push his no c overhaul plans and whitt johnson is in ring washington with more. no carrier whitt, good morning. >> reporter: good morning. government spending is the highest it's been since ring world war ii. that spending has been hotly ring debated, but president obama today is expected no carrier to lay out his plans ring no carrier no carrier to > scale back. ring president obama heads to wall street today no car to outline his strategy for ring no car preventing another financial meltdown. >> when ring i walked in the ring banking system the no carrier ring financial system was on the verge no carri of collapse. rfs it was one year ago this week the nation's fourth no carrier largest in-vement bank no carrier lehman brother, was on the brink of > failure. ring after rescue
. >>> it was one ring year ago today that financial giant no carrier lehman brothers collapsed. part of a financial no carrier ring crisis that rocked this country and the trig foresweeping government intervention in the financial no carrier > markets. today president obama heads to on ring wall street to push his no c overhaul plans and whitt johnson is in ring washington with more. no carrier whitt, good morning. >> reporter: good morning. government spending is the highest...
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Sep 11, 2009
09/09
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CNBC
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lehman was looking for a white knight. could lehman file for bankruptcy. would it team up with bank of america. or would merrill lynch team up with bank of america. what was going to happen with citi and all the rest. all of this happening so fast. that was probably the one thing i heard from so many people. the speed with which everything was happening one year ago in that weekend when merrill was sold to b of a and lehman declared bankruptcy and when the government took 80% of aig. regulators and executives needed to get news out that weekend before the asia markets opened for trading that sunday night. this week, i sat down with a number of leaders on wall street, john told me the following. >> the impact to me was really, you know, how bad, or not how bad, how do you contain this contagion. is there a way that you could build a buffer that it stops with lehman, and clearly it didn't. >> finding a exclusion for lehman was important for confidence in the financial markets. and that we've got to do everything we can to ensure confidence remains. because u
lehman was looking for a white knight. could lehman file for bankruptcy. would it team up with bank of america. or would merrill lynch team up with bank of america. what was going to happen with citi and all the rest. all of this happening so fast. that was probably the one thing i heard from so many people. the speed with which everything was happening one year ago in that weekend when merrill was sold to b of a and lehman declared bankruptcy and when the government took 80% of aig. regulators...
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Sep 14, 2009
09/09
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CNBC
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the issue was not just lehman. what happened post lehman. i don't know if you guys remember it this way, was that the key event was a piece of paper, the u.s. treasury piece of paper, was no longer good collateral. not because of what was on the piece of paper but because of who was trying to collateral eyes it. i'm not sure. i heard you say long money, i'm not sure how you get in front of that. that was an entirely new thing that a single event could cause a dramatic world seizure. >> off camera i said to you, did you mention to him that maybe his misguided focus on price stability, keeping rates way too high in europe, did that add anything? >> we didn't talk about monetary policy. >> criticize -- >> i'm not sure it was, joe. >> i'm not sure. >> i think the point made earlier here, what was everybody doing from bear stearns to lehman.. what was wall street drog, what were the regulators doing? why wasn't there a t.a.r.p.? how ready were the europeans, did they understand the connectiveness. i understand the slipup, if you go through events
the issue was not just lehman. what happened post lehman. i don't know if you guys remember it this way, was that the key event was a piece of paper, the u.s. treasury piece of paper, was no longer good collateral. not because of what was on the piece of paper but because of who was trying to collateral eyes it. i'm not sure. i heard you say long money, i'm not sure how you get in front of that. that was an entirely new thing that a single event could cause a dramatic world seizure. >>...
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Sep 14, 2009
09/09
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WJLA
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this as the first anniversary of the collapse of lehman brothers. there bankruptcy lead to a near meltdown of the financial bankruptcy. the government spent massive amounts of money to prevent the system from foley collapsing. >>> president obama says he is confident congress will pass a good health care bill. >> i have no interest in having a bill to get past that fails, that does not work. >> mr. obama told cbs he thinks the health care will control of the deficit. he criticized republicans who he said are trying to block health care reform for political gains. others made their voices heard this past weekend. >> this is not a political issue. it is a moral issue. >> if he accomplishes health care, it would be the end of america. >> thousands of people on saturday came to pennsylvania avenue to show their opposition to the health care plan and growing government spending. crowds were estimated in the hundreds gathered on capitol hill to show their support for the health care plan. >>> osama bin laden has a new message. he said the commander in chi
this as the first anniversary of the collapse of lehman brothers. there bankruptcy lead to a near meltdown of the financial bankruptcy. the government spent massive amounts of money to prevent the system from foley collapsing. >>> president obama says he is confident congress will pass a good health care bill. >> i have no interest in having a bill to get past that fails, that does not work. >> mr. obama told cbs he thinks the health care will control of the deficit. he...
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Sep 14, 2009
09/09
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CNBC
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meantime, our guest host peter cohen, former ceo of shearson lehman. overall, peter, feeling good or not? you've got too many worries to be bullish out right? >> i'm not bullish.h. we have a lot of very difficult problems to work our way through as a country. >> are they going to play themselves out over years? >> over years and years, yep. >> it's good having you as always. a lot of good insight. >> thanks for having me. >> make sure you join us tomorrow. "squawk on the street" is coming up next. >>> this is cnbc.com news now. >> airlines gets a boost before the opening bell. carrier projects higher than expected profit margins due to lower than expected fuel s. good year tire stores over 5% along with other u.s. tire makers after the obama administration's decision to impose import duties on chinese tires. >>> president obama goes to wall street for one-year anniversary of lehman's collapse. that's cnbc.com news now. i'm courtney reagan. >>> live from the financial capital of the world, this is "squawk on the street" on a monday morning. and it is on
meantime, our guest host peter cohen, former ceo of shearson lehman. overall, peter, feeling good or not? you've got too many worries to be bullish out right? >> i'm not bullish.h. we have a lot of very difficult problems to work our way through as a country. >> are they going to play themselves out over years? >> over years and years, yep. >> it's good having you as always. a lot of good insight. >> thanks for having me. >> make sure you join us tomorrow....
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Sep 11, 2009
09/09
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CNBC
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lehman imploded. did anybody in that room, did hank paulson, ben bernanke, tim geithner, the regulators, the ceos, did you have any idea of the systemic risk that was going to just explode through the system when lehman finally -- when they did capitulate? >> we all had a sense it would be a disaster, but no one thought it would actually shut the markets down, and it really did. >> but, you know, that's fascinating. it's one thing for you wall street ceos, you guys it's kind of the fish swimming in the ocean. i almost don't expect you to expect the system shutting down. but paulson, bernanke, geithner, they had no clue? >> i don't think they did. things were moving so quickly and so fast that, you know, there's no playbook that's ever been written. you have to deal with it when it happens, and clearly after lehman went down and merrill gets bought by b of a and you had the payment system dry up, i don't think anybody anticipated that would have happened and i think if they had, there may have been a d
lehman imploded. did anybody in that room, did hank paulson, ben bernanke, tim geithner, the regulators, the ceos, did you have any idea of the systemic risk that was going to just explode through the system when lehman finally -- when they did capitulate? >> we all had a sense it would be a disaster, but no one thought it would actually shut the markets down, and it really did. >> but, you know, that's fascinating. it's one thing for you wall street ceos, you guys it's kind of the...
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Sep 10, 2009
09/09
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i do think that lehman brothers reminded people that these things can happen. that you know, if you took your statistic classes you knew that the wideend of the belt curve there still is that 100th of 1% that can happen. and this certainly was that moment. i've someone who has spent 15 years in the emerging market. if you traded in russia '98 or asia '97 or anything in the latin american crises of the early '90s you have seen breakdowns that have provided tremendous opportunities as i trader as well. >> is that what you did, tim? you identified the opportunities in that moment? because a lot of people in those days after lehman brothers were focused on that outliar, that 1%? >> before that moment. >> what happened. >> when you saw the emerging crisis in the emerging crisis you have to know the liquidity in our book and be very careful about changing liquidity. you can't sell something you can't trade. and especially in less liquid markets you have to be very careful about that because your portfolio will behave differently and know your counterparties because t
i do think that lehman brothers reminded people that these things can happen. that you know, if you took your statistic classes you knew that the wideend of the belt curve there still is that 100th of 1% that can happen. and this certainly was that moment. i've someone who has spent 15 years in the emerging market. if you traded in russia '98 or asia '97 or anything in the latin american crises of the early '90s you have seen breakdowns that have provided tremendous opportunities as i trader as...
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Sep 11, 2009
09/09
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lehman looking for a white night, lehman could file for bankruptcy and what happens to citi group and the impact of the entire financial system. what happens to merrill lynch and aig. all of this happening so fast one year ago this week, regulators and executives needed to get news out before the asia markets opened for trading that sunday night. remember, here's what john mack and vick told me there week. >> the impact to me was really how bad or not how bad, how do you contain this contagion. and is there a way that you can build a buffer that stops with lehman, and clearly it didn't. >> finding a solution to lehman was important for confidence in the financial markets. and then we ought to do everything we can to ensure confidence remains, because ultimately it's confidence that drivesly quitity and capital access for all banks. >> of course, we are seeing confidence in the markets right now. of course, one year later we can look back and we can clearly see who saw the opportunities in that wreckage. bla blackrock's larry fink, goldman sachs, jamie dimon comes out a winner, and jpm
lehman looking for a white night, lehman could file for bankruptcy and what happens to citi group and the impact of the entire financial system. what happens to merrill lynch and aig. all of this happening so fast one year ago this week, regulators and executives needed to get news out before the asia markets opened for trading that sunday night. remember, here's what john mack and vick told me there week. >> the impact to me was really how bad or not how bad, how do you contain this...
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Sep 8, 2009
09/09
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CNBC
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the anniversary of lehman, its bankruptcy is just days away. it was a watershed moment that changed the face of wall street and its traders. this week you'll hear how it impacted the people on this very desk and we begin tonight with pete najarian. >> lehman brothers stock lost 94% of its value today on that bankruptcy filing. >> when lehman declared bankruptcy, i was exactly where i normally would be, right in front of my computers. probably called my brother as my first phone call. i just wanted to clarify with both of us what we felt like and what we felt the volatilities should be trading at in the market, in particular in the financials, and what opportunities might be there under these unfortunate circumstances. >> we talked about could it be thursday, could it be friday, could it be monday. we are almost there. that volatility today started creeping up. that tells me there's still a lot of concern out there. and it also tells me the financials, everybody's very, very nervous. >> the expectations were who's next. and we kept looking for w
the anniversary of lehman, its bankruptcy is just days away. it was a watershed moment that changed the face of wall street and its traders. this week you'll hear how it impacted the people on this very desk and we begin tonight with pete najarian. >> lehman brothers stock lost 94% of its value today on that bankruptcy filing. >> when lehman declared bankruptcy, i was exactly where i normally would be, right in front of my computers. probably called my brother as my first phone...
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Sep 18, 2009
09/09
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but lehman brothers went bankrupt one years ago. the risks and rewards of investing in that sector right now. >>> the commercial real estate be the next shoe to drop in this economy. one watcher who isn't turning his back on that group just yet. >>> also ahead, my one-on-one with president bill clinton. we'll talk about the state of the economy, as well as president obama's health care reform plan. all coming up at 4:00 p.m. eastern. >>> dow up 50. eseseseseseseseses >>> welcome back. a year ago the credit markets froze up, but now the corporate debt market is booming. rebecca jarvis is here with a look at the climate for corporate debt and whether it's a good option for your money. >> hey, scott. what a difference a year makes. a year ago this time, the market for corporate debt was completely dead. fast forward to today and risk is coming down. deals are getting done. we're seeing a flood of new corporate credit coming to market and they're happening at terms analysts say have huge upside for investors, especially on the riskier s
but lehman brothers went bankrupt one years ago. the risks and rewards of investing in that sector right now. >>> the commercial real estate be the next shoe to drop in this economy. one watcher who isn't turning his back on that group just yet. >>> also ahead, my one-on-one with president bill clinton. we'll talk about the state of the economy, as well as president obama's health care reform plan. all coming up at 4:00 p.m. eastern. >>> dow up 50. eseseseseseseseses...
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Sep 14, 2009
09/09
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WBAL
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lehman brothers failed and aig was on the brink of failure and merrill lynch in washington mutual board taken over virtually overnight. >> we were embarking in a real panic. >> local economists remember it all too well. now, a year later, things have really changed. segal says that growth is expecting in the third and fourth quarter things to government stimulus. >> the program for cars and tax credit for homes, and other stimulus subsidy programs. >> you have to look that is priced right, it will move. >> the executive director says that the home buyer tax credit has helped boost sales, especially for homes under to under $50,000. >> i think that the case will continue throughout this all because of the first-time home buyer tax credit. when things normally slow down, unless we see an extension, will probably see some dips again. >> then your getting back into the stock market. locally, people are saving more than ever before and investors can find good deals. >> last year, fear reigns supreme and now it seems to the intelligent investing. the bottom line, those economists are in a far
lehman brothers failed and aig was on the brink of failure and merrill lynch in washington mutual board taken over virtually overnight. >> we were embarking in a real panic. >> local economists remember it all too well. now, a year later, things have really changed. segal says that growth is expecting in the third and fourth quarter things to government stimulus. >> the program for cars and tax credit for homes, and other stimulus subsidy programs. >> you have to look...
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Sep 11, 2009
09/09
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CNBC
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it's been one year since the collapse of the lehman brothers, the fall of lehman last year triggered a worldwide financial crisis and accelerated obama's race to the presidency. the president made financial regulatory reform as a platform of his candidacy and tried to push through measures we were just talking about with the governor. some of them are universally recognized. a lot of them seem to be falling by the wayside as we focus. that's why i said that about health care. >> pushed to the back burner. >> we have had a single mind. maybe we'll hear a couple of comments. you might hear a couple of things about health care. >> he's going to be in new york down by wall street. >> by wednesday they want something -- they want it basically finished by wednesday? >> a bid on the senate bill, negotiations they want done. >> you made a point, i don't know if everything i read on drugs is right. i heard republicans haven't been invited to discuss it since april. >> they haven't been since then. >> the olive branch goes out but you have to do it by wednesday. >> you have to sit down and tal
it's been one year since the collapse of the lehman brothers, the fall of lehman last year triggered a worldwide financial crisis and accelerated obama's race to the presidency. the president made financial regulatory reform as a platform of his candidacy and tried to push through measures we were just talking about with the governor. some of them are universally recognized. a lot of them seem to be falling by the wayside as we focus. that's why i said that about health care. >> pushed to...
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Sep 28, 2009
09/09
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as the markets near their pre-lehman levels, are the buyers hoflding back. plus, a look at who could be a potential target in the biotech space. melissa and the traders aren later. >> 20 minutes before the closing bell sounds for the day. volume on the light side. it is a jewish holiday. you would expect volume to be a little light today. that's what we're getting. >> 6 million traders so far. usually you expect about 1 billion by now? >> absolutely. and that is lighter than it was certainly in the peak of volume a year ago or so. dow industrials up 128 on the dow, nasdaq holding on to a double digit move as well. >>> we'll take the pulse of the investor, td ameritrade chairman joe moglia will break down his company's latest investment survey and what it's saying about sentiment in the current climate. >>> after the bell, more help ahead for the housing industry. we'll take a look at the obama administration's latest plans. who stands to benefit. that's at 4:00 p.m. eastern. >>> welcome back. for investors, the last three months have been nothing but positiv
as the markets near their pre-lehman levels, are the buyers hoflding back. plus, a look at who could be a potential target in the biotech space. melissa and the traders aren later. >> 20 minutes before the closing bell sounds for the day. volume on the light side. it is a jewish holiday. you would expect volume to be a little light today. that's what we're getting. >> 6 million traders so far. usually you expect about 1 billion by now? >> absolutely. and that is lighter than...
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Sep 11, 2009
09/09
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HLN
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talking about the collapse of lehman brothers. they were asked what they remember. they were asked what has changed and what they've learned. legendary analyst meredith whitney is known for calling this crisis long before anyone else. she ties the lehman anniversary to actually the one we are marking today. this is what she said. it felt like another 9/11. i don't think they should have let lehman fail. the rules didn't seem uniformly applied. she went on to say, it is very hard to get individuals comfortable with investing if different rules are being applied to different people. then we heard from the ceo of goldman sachs who doesn't comment all that much. he said what i remember most was coming into the office on the weekends and without having made a call to anybody, i found everyone on our team at work. everybody realized there was a crisis looming that was historical. and also, john mac, the ceo of morgan stanley, recognized the historical significance. the difficulty of facing a situation that clearly was unprecedented. and
talking about the collapse of lehman brothers. they were asked what they remember. they were asked what has changed and what they've learned. legendary analyst meredith whitney is known for calling this crisis long before anyone else. she ties the lehman anniversary to actually the one we are marking today. this is what she said. it felt like another 9/11. i don't think they should have let lehman fail. the rules didn't seem uniformly applied. she went on to say, it is very hard to get...
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Sep 15, 2009
09/09
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CSPAN
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we are on the one-year anniversary of the collapse of lehman brothers. what is your take on how president obama addressed wall street, and what he is calling for? guest: the president has a lot of good will on wall street because everyone wants the economy to recover. the problem is, despite his good will, there is more uncertainty in our economy today than we did a year ago. we do not know where government policy is going. we have created this t.a.r.p. fund. the bush administration started it and the obama administration continued it. rather than reducing the money, because originally congress said that the companies that received the money could pay it down and that would go to deficit reduction, but instead is going into a revolving fund that may do more bailouts. and then have the nationalization of certain industries. general motors became government motors. we have a ballooning deficit. 46 cents on every dollar the government spends this year will be borrowed. on the plus side, the president has done a great job inspiring people to say that we shou
we are on the one-year anniversary of the collapse of lehman brothers. what is your take on how president obama addressed wall street, and what he is calling for? guest: the president has a lot of good will on wall street because everyone wants the economy to recover. the problem is, despite his good will, there is more uncertainty in our economy today than we did a year ago. we do not know where government policy is going. we have created this t.a.r.p. fund. the bush administration started it...
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Sep 29, 2009
09/09
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. >> it was a huge mistake to let lehman fail. everything they were worried about with bear stearns and why they bailed out there was true and bigger. >> in hindsight people say it's good because it put the fear of god to everyone that reacted. >> i don't think it put the fear of god into anyone except me. >> the fear in you. i think it's interesting the toxic as it is, have any of them, have we dealt with it at a all. >> confidence return, right. >> fdic has a good program for dealing with the whole loans themselves. treasury program is securitization, commercial mortgage-backed securities and residential. treasury auctioned off a couple weeks ago some very toxic loans from franklin bank, and they are in the midst of an auction now where we're bidding. >> drop in the bucket. >> a billion here and a billion there. where i come from, that's still a lot. >> i really think it's amazing and glad to hear wilbur side thad way. a year ago a group went to the house floor in the midst of a public and political panic and said no to the wall
. >> it was a huge mistake to let lehman fail. everything they were worried about with bear stearns and why they bailed out there was true and bigger. >> in hindsight people say it's good because it put the fear of god to everyone that reacted. >> i don't think it put the fear of god into anyone except me. >> the fear in you. i think it's interesting the toxic as it is, have any of them, have we dealt with it at a all. >> confidence return, right. >> fdic has...
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Sep 14, 2009
09/09
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WBAL
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. >> from lehman to today we were mostly dealing with fear, we were dealing with the valuation of securities. but now the banks are working through real old-fashioned loan losses. >> today we got word of even more corporate layoffs. eli lily, the giant drugmakerer said it would cut 5,500 jobs in an attempt to cut costs. brian. >>> starting us off on a monday night. carl, thanks. as the president was talking on wall street today, a federal judge was coming down hard on both bank of america and the federal securities and exchange commission. at issue here -- some huge bonuses that were given to merrill lynch employees, just after its merger with bank of america took place about a year ago. our justice correspondent pete williams in our washington newsroom tonight with more on this. pete, good evening. >>> brian everything about this is unusual. judges almost never flat out reject settlements with this and seldom with tough talk. one year ago today when bank of america agreed to acquire the wall street trading giant merrill lynch for $50 b the bank told shareholders merrill lynch agreed not to
. >> from lehman to today we were mostly dealing with fear, we were dealing with the valuation of securities. but now the banks are working through real old-fashioned loan losses. >> today we got word of even more corporate layoffs. eli lily, the giant drugmakerer said it would cut 5,500 jobs in an attempt to cut costs. brian. >>> starting us off on a monday night. carl, thanks. as the president was talking on wall street today, a federal judge was coming down hard on both...
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Sep 15, 2009
09/09
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WTTG
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it was one year ago when lehman brothers filed bankruptcy. the question is are we back on track again? >> the question is, you have two things. you wonder if there is a disconnect between the stock market which has seen a 50% runup since the march bottom and the economy as a whole, which is where we live. since the president entered office in january, unemployment 6-7% and now it's near 10%. even the white house think it's wi crest above 10%. but wen it does, don't expect it to start falling again. it could stay up there for months or even more than a year. >> how do the indicators work amongst each other. and you said nobody can expect the rises that we've seen over the past month or two. but if we start to see dips in the markets, how does that affect everything else going on. >> it's a bad impact. some economists talk about a double dip recession. so we could see a decline in the stock market and then people start shedding jobs. now in the beginning of the crisis, back in january, we have 700,000, $800,000 a month. now it's about $500,000.
it was one year ago when lehman brothers filed bankruptcy. the question is are we back on track again? >> the question is, you have two things. you wonder if there is a disconnect between the stock market which has seen a 50% runup since the march bottom and the economy as a whole, which is where we live. since the president entered office in january, unemployment 6-7% and now it's near 10%. even the white house think it's wi crest above 10%. but wen it does, don't expect it to start...
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Sep 14, 2009
09/09
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you have to keep in mind the lehman brotherand the credit crisis episode accelerated the decline of an already weak housing market. what we're seeing is the lower end, lower priced homes are being taken up thanks to the federal government's tax credit for first time home buyers and speculators in there and do see an abatement of the pace of declines right now so i do think it's one of these things housing will seize being a big drag on the economy and won't lead us out but so far at least in the low time we're seeing good signs. >> beginning with you, mike, where will we be a year from now. >> slightly better. bumpy recovery but it will be clear in a year's time that things are better. >> liz ann? >> the recession is over and say the same thing as mike. we're in recovery mode. it is not necessarily going to be smooth. in the end i think we'll be pleasantly surprised. >> mellody? >> i think we're going to move from stabilization to growth. i'm optimistic. >> all right, thanks to all three of you this morning. tomorrow morning right here on "gma," diane will bring us an exclusive intervi
you have to keep in mind the lehman brotherand the credit crisis episode accelerated the decline of an already weak housing market. what we're seeing is the lower end, lower priced homes are being taken up thanks to the federal government's tax credit for first time home buyers and speculators in there and do see an abatement of the pace of declines right now so i do think it's one of these things housing will seize being a big drag on the economy and won't lead us out but so far at least in...
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Sep 11, 2009
09/09
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CNN
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on monday, exactly one year after the collapse of lehman brothers, the institution that helped spark the financial crisis, the president is heading to wall street to deliver a speech highlighting what the administration has done and is doing to try and get the economy back on track. now, his speech is coming on the heels of the claim that you mentioned by the head -- this claim yesterday by the head of council of economic advisers, christina romer. she says because of the administration's actions when it comes to the economic stimulus, 1 million jobs have either been created or saved since february. well, as you can imagine, that prompted some strong and immediate reaction from republicans. senate minority leader mitch mcconnell lost noted that the country has lost 2.5 million jobs in that same period. and he says -- nevertheless, despite that kind of criticism, the president his administration deserves credit for starting to get the economy to turn around. >>> a full and vibrant recovery is still many months away, but thanks to the bold and decisive action we've taken since january,
on monday, exactly one year after the collapse of lehman brothers, the institution that helped spark the financial crisis, the president is heading to wall street to deliver a speech highlighting what the administration has done and is doing to try and get the economy back on track. now, his speech is coming on the heels of the claim that you mentioned by the head -- this claim yesterday by the head of council of economic advisers, christina romer. she says because of the administration's...
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Sep 30, 2009
09/09
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banks among the majors are bigger than prior to the lehman crisis with all the consolidations taking place at the top. they are trading aggressively. remember goldman sachs is now commercial bank holding company and so is morgan stanley and the others now. they are making money on spread trades, making money on propriety trading and making money a lesser degree than last year, but making money on underwriting. those businesses are doing fine. i'm less concerned about the fourth quarter. i don't think anybody would trade bank stocks for that. i think as was said, they already reflected the remainder of this year. i think there are a couple of key questions that remain some what unsolved. what's the commercial real estate liability for regional banks? will the fasb, federal accounting standards board continue to insist large banks take their offbalance sheet liabilities and put them on balance sheets in january? which could be problematic. on a secular basis i'm bullish on banks and financials in general. i'm waiting for a correction that is somewhat more meaningful than what we've see
banks among the majors are bigger than prior to the lehman crisis with all the consolidations taking place at the top. they are trading aggressively. remember goldman sachs is now commercial bank holding company and so is morgan stanley and the others now. they are making money on spread trades, making money on propriety trading and making money a lesser degree than last year, but making money on underwriting. those businesses are doing fine. i'm less concerned about the fourth quarter. i don't...
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Sep 10, 2009
09/09
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CNBC
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what was the problem after lehman? we didn't know who had exposure where because you had derivatives spread out like a spider everywhere. they're going to be traded on a platform. now we can see them like we can see the options market. in theory doesn't that get us a long way to where -- so all these ripple effects, david, would not necessarily happen if another bank failed? >> i don't think it solves the problem because, number one, it tells you at best what the banks have, not what everybody else has, like the big insurance companies, like aig, nor does it tell you what's spread out internationally. it helps but it doesn't solve the problem. >> i'm looking at the testimony right now that we'll be hearing from secretary geithner, paul, and he says here the e merging confidence and stability that we enjoy right now is a far cry from the crippling fear and panic of a year ago right now. are we able to say or can you say with some confidence that we're coming out of this recession quicker than we would have without the s
what was the problem after lehman? we didn't know who had exposure where because you had derivatives spread out like a spider everywhere. they're going to be traded on a platform. now we can see them like we can see the options market. in theory doesn't that get us a long way to where -- so all these ripple effects, david, would not necessarily happen if another bank failed? >> i don't think it solves the problem because, number one, it tells you at best what the banks have, not what...
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Sep 17, 2009
09/09
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lehman goes bankrupt. freddie, fannie and aig become words of the government and ordinary americans lose. after all the pain, who gets punished. so far, just two hedge fund managers face charges. our on-air editor charlie gasparino joins us now. charlie, it was getting a little depressing running through that long list there. >> you needed to take a breath halfway through. >> no kidding. let's talk about these two guys. one of them i recall, is it tannen and -- >> chaffey and tanner. lots of e-mail traffic that seems to suggest that, you know, they believed one thing they were trying to get people to stay in the hedge funds and subprime mortgages, subprime debt. while they really believed the subprime market was going south. it did go south. severely south. >> i'll say. >> but the point of this segment, and the column that i wrote today is this, if you look at the damage that ralph and matt did, you know, their hedge fund, even if you believe the worst, their lawyers have alternative splapgss, some of thos
lehman goes bankrupt. freddie, fannie and aig become words of the government and ordinary americans lose. after all the pain, who gets punished. so far, just two hedge fund managers face charges. our on-air editor charlie gasparino joins us now. charlie, it was getting a little depressing running through that long list there. >> you needed to take a breath halfway through. >> no kidding. let's talk about these two guys. one of them i recall, is it tannen and -- >> chaffey and...
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Sep 16, 2009
09/09
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CNN
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lehman's younger workers. where are they now. >>> wonderful to get a chance to talk to serena williams. we're going to post that later. >> she's also candid in her book as well. and you can see as you go through her history, you can sort of see some of the building blocks of why what happened on saturday night might have happened. doesn't excuse it, just you know, explanation. >> passionate girl. young woman. sure is. welcome back to the most news in the morning. thanks for being with us. imagine you have gone to school for years and your goal is to break into the world of finance. >> it happens that you land the job of your dreams, then your company goes bust, markets tank, our christine romans minding your business. >> good morning. a year ago they were walking out the door, shell shocked. what they wanted blows up. that's what happened for some of the youngest workers at the banks gone bust. what do you do when you worked for a job in finance to see wall street go into a tail spin. meet three recovering wal
lehman's younger workers. where are they now. >>> wonderful to get a chance to talk to serena williams. we're going to post that later. >> she's also candid in her book as well. and you can see as you go through her history, you can sort of see some of the building blocks of why what happened on saturday night might have happened. doesn't excuse it, just you know, explanation. >> passionate girl. young woman. sure is. welcome back to the most news in the morning. thanks for...
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Sep 30, 2009
09/09
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when we look at aig and lehman brothers, they were rated aaa. look what happened. >> we had mr. kotinski on. we're trying to figure out how to take the financial incentive away from the ratings agencies to get too cozy with the companies that they rate. is that going to be part of the equation today? >> we will definitely look at that. because if you're being paid to rate someone, you know, it's an incentive, i think, to give them a good rating. because, after all, they're paying you. this system has to be reviewed. we need to make certain that, as we look at the whole financial meltdown that we have to look at every aspect of it to try to make certain that this never, never happens again. we have to look at the sec in terms of its role. we have to look, of course, at the rating agencies in terms of its role. we have to look at the banks. we have to look across the board to make certain that people, who now have lost a lot of money, we look at the fact that people who had their pension fund, 401(k) and now they're losing it because of the fact that the rating was high and, of co
when we look at aig and lehman brothers, they were rated aaa. look what happened. >> we had mr. kotinski on. we're trying to figure out how to take the financial incentive away from the ratings agencies to get too cozy with the companies that they rate. is that going to be part of the equation today? >> we will definitely look at that. because if you're being paid to rate someone, you know, it's an incentive, i think, to give them a good rating. because, after all, they're paying...
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Sep 9, 2009
09/09
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if you want to root out corporate behavior, you need somebody like lehman brothers. high-frequency traders provide liquidity. if you have less liquidity, you'll have larger spreads, diminished returns for investors, including afl-cio pension holders. th thea, explain that. >> i think it will have a negligible impact on people who hold pensions and have 401(k) accounts and so on. if you look at the scheme of things, you pay a fee to your broker. if you're a normal person and you have to pay someone, several percent. this is a much, much smaller amount. you pay taxes when you go to the store to buy a loaf of bread. it is not that big a deal. britain, as you said, had a tax like this in place for many, many years. japan had one in place for a long time. it used to raise 4% of japan's revenues. there's nothing sacrosanct when many other activities in society are taxed. >> we need to raise capital, bring $450 billion of private equity into the markets to help stimulate the economy. u.s. has a 70% of the world market. if we put this tax on we'll lose that competitive edge
if you want to root out corporate behavior, you need somebody like lehman brothers. high-frequency traders provide liquidity. if you have less liquidity, you'll have larger spreads, diminished returns for investors, including afl-cio pension holders. th thea, explain that. >> i think it will have a negligible impact on people who hold pensions and have 401(k) accounts and so on. if you look at the scheme of things, you pay a fee to your broker. if you're a normal person and you have to...
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Sep 26, 2009
09/09
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lots of data center upgrades were put on hold during the garden variety depression plus lehman. and that's pushing network utilization to stretched out levels. it's creating a midge source of demand for all new networking-g not just for cisco's, especially as companies start spending again. that's where 3com comes in. it's also a play on the increased need for band width. we know from cisco that traffic from internet video to tv is expected to grow 97% compound, 203 to 212. streaming video to pc traffic, 52% compound annual. you need a play for this. you need networking equipment. that's the stuff 3com makes and that's what moves all the data. and this story isn't just about the consumer using the internet more and obviously from homes or smartphones. there's an unusual enterprise angle, enterprise being wall street gibberish for company. in order to use new technologies that make internet -- information technology applications more efficient, companies will have to upgrade their networks. there's virtualization now, cloud computing. that's -- salesforce.com does that, you know
lots of data center upgrades were put on hold during the garden variety depression plus lehman. and that's pushing network utilization to stretched out levels. it's creating a midge source of demand for all new networking-g not just for cisco's, especially as companies start spending again. that's where 3com comes in. it's also a play on the increased need for band width. we know from cisco that traffic from internet video to tv is expected to grow 97% compound, 203 to 212. streaming video to...
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Sep 17, 2009
09/09
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rallied back to where they were before lehman went down. in some cases, money market spreads are back below historical norms. that's not the case for the corporate market, but still, even there we've seen an enormous rally, huge, 300 basis point plunge in corporate bond yield. but i don't think the run up is based on a lack of fundamentals. we'll see the actual coincident numbers coming later. this kind of move makes sense, especially based on this corrective action that we've seen in the credit markets. that has been uninterrupted. >> you would say, then, that not only have people underestimated the market, but maybe people think the market is unjustified and underestimating the underlying economy, as well? >> i think so, joe. the credit markets look forward. and we really can look back at virtually 100 years of business cycle history and see that very deep recessions give away to stronger than average recoveries. there are absolutely no exceptions to that rule. >> that's not consensus at all, mike. it's the opposite. >> the consensus is j
rallied back to where they were before lehman went down. in some cases, money market spreads are back below historical norms. that's not the case for the corporate market, but still, even there we've seen an enormous rally, huge, 300 basis point plunge in corporate bond yield. but i don't think the run up is based on a lack of fundamentals. we'll see the actual coincident numbers coming later. this kind of move makes sense, especially based on this corrective action that we've seen in the...
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Sep 23, 2009
09/09
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people start throwing money at stuff, could be the dow jones, could be -- even some trading in the lehman or something, isn't there? >> yeah. >> you're actually seeing some movement? >> absolutely. i remember how gm traded before the bankruptcy. i'm not saying, viewers, that this is wrong or not accurate. it is what it is. you need to identify why you're in a market with a position because when those factors come home to roost or reverse, you need to know when to get out. >> that's the discussion, as to whether or not -- whatever the fundamentals are, reassert themselves and begin to matter to guys like larry. if he can make a buck trade in the technicals, he will ignore the fundamentals as long as he can. the question is whether or not inflation is a real concern out there and whether or not we hear stuff today from the fed that makes people a little bit more confident that they're going to come forward and take the stimulus and the credit way at the right time. i thinkeer hearing some members of the fed want to do it now and some are out there -- the majority of the board is out there,
people start throwing money at stuff, could be the dow jones, could be -- even some trading in the lehman or something, isn't there? >> yeah. >> you're actually seeing some movement? >> absolutely. i remember how gm traded before the bankruptcy. i'm not saying, viewers, that this is wrong or not accurate. it is what it is. you need to identify why you're in a market with a position because when those factors come home to roost or reverse, you need to know when to get out....
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Sep 11, 2009
09/09
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MSNBC
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our great business reporters and we asked them to write a script for the new wall street based on the lehman brothers collapse. one doesn't wanted to be flipped because there is an enormous anniversary we are thinking about soberly, september 11th. but if you look at the news coverage a year ago, it was also as if the world ended. it was the same kind of catastrophic reaction to the huge thing. and so we just have gone to grechen and a few other people and asked what should oliver stone do now? >> what are the plot lines? >> what do you have in week in review? >> a great piece by john burns, who may be just the greatest. he writes about a reporter in afghanistan that was captured and escaped. when the reporters pay the price, it's not so much the western reporters but their own that gets beheaded and shop. >> what about the book review? >> well, "asking the question why are you liberal," and it's reviewed by a brilliant writer. he says no matter what -- he takes norm on. and you remember tillman from the arizona cardinals, and he gave up a lot to go fight over there. he was killed by friendl
our great business reporters and we asked them to write a script for the new wall street based on the lehman brothers collapse. one doesn't wanted to be flipped because there is an enormous anniversary we are thinking about soberly, september 11th. but if you look at the news coverage a year ago, it was also as if the world ended. it was the same kind of catastrophic reaction to the huge thing. and so we just have gone to grechen and a few other people and asked what should oliver stone do now?...
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Sep 23, 2009
09/09
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family happiness index which you've plotted for ten years, did it plunge in september of '08 when the lehman crisis happened or did people continue to be happy even when times got bad? >> there was a real steep neurotic fall-off for two months. then once people got through the panic of the october statement, they began to plan with how they're going to deal with their problems. it is important to realize that while about a million people have fallen off the affluent index, those that haven't haven't really had much of an income effect. they've had an asset effect and they've gotten together as couples and said, what are we going to do, how are we going to do it and it's made them feel more resourceful, more confident and better about themselves as people. >> you're forecasting a happy christmas. for who? happy for retailers or -- >> what we're looking at, people already planning to get their families together, to get people together and to use christmas as a time to enjoy one another. >> not retailers. just families, not for retailers. >> it is going to be better than you expect, i guarantee
family happiness index which you've plotted for ten years, did it plunge in september of '08 when the lehman crisis happened or did people continue to be happy even when times got bad? >> there was a real steep neurotic fall-off for two months. then once people got through the panic of the october statement, they began to plan with how they're going to deal with their problems. it is important to realize that while about a million people have fallen off the affluent index, those that...
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Sep 9, 2009
09/09
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guys that -- remember making the speech, buddy fox walks into that office, a lot of guys were actual lehman guys and wall streeters that got little cameos from oliver stone. >> i have a face for radio. >> you were good in enron. >> joe will be with us the rest of the show. we'll talk about health care and a lot of other things out there as well. shares of a small biocompany that will soar on significant weight loss seen in two big studies, 37-pound average weight loss. i don't want to lose 37, i don't think, mike. >> 37 pounds, a lot of people who do, probably million that is do want to lose that much. you were just talking about drug innovation. they're taking two old drugs and making a new one. i'll have the details coming up when squawk box continues. >>> on this day in 1883, what first lady gave birth to a daughter, esther, in the white house?t' the answer when cnbc squawk box continues. aflac! is that different from health insurance? well yeah... ...aflac pays you cash to help with the bills that health insurance doesn't cover. really? well, if you're hurt and can't work, who's going t
guys that -- remember making the speech, buddy fox walks into that office, a lot of guys were actual lehman guys and wall streeters that got little cameos from oliver stone. >> i have a face for radio. >> you were good in enron. >> joe will be with us the rest of the show. we'll talk about health care and a lot of other things out there as well. shares of a small biocompany that will soar on significant weight loss seen in two big studies, 37-pound average weight loss. i don't...
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Sep 27, 2009
09/09
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HLN
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what they were doing -- you may have a bare stearns or lehman. they were doing everything from operating ledge funts or trading on their own account, not for commerce. they were trading organizations, and they were taking risks, proprietary trading, which is a very risky thing. that is very different from a commercial bank that is lending money. you have got goldman-sachs and morgan stanley, and they have come within the umbrella of protection of the federal government. well, if they are going to continue to engage in proprietary lending, and if they are going to continue to maybe be involved with hedge funds activity, some of these more risky activities, there actually needs to be separation . >> would that include stick -- citigroup as well? >> yes. when you get into citigroup or bank of america, you have a problem there because they are not one or the other. but if you're going to have the protection of the safety net of what was designed for depositors, the american public, and you start giving them protection from their more risky activity,
what they were doing -- you may have a bare stearns or lehman. they were doing everything from operating ledge funts or trading on their own account, not for commerce. they were trading organizations, and they were taking risks, proprietary trading, which is a very risky thing. that is very different from a commercial bank that is lending money. you have got goldman-sachs and morgan stanley, and they have come within the umbrella of protection of the federal government. well, if they are going...
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Sep 29, 2009
09/09
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blowout quarter when you consider year over year, when you're looking become a year ago to the post lehman collapse, right. >> yeah, no question about it. and i think what's very important as we move into the third quarter rn eggs season and juxtapose that against the second quarter earnings season, it was driven by a lot of cost production that was much greater than analysts expected, hence driving the upside earnings expectings. you didn't see the top line that the market is hoping to see more of here in the third quarter. so it boils down a question of earnings quality that is dictated by what you see happening in revenue streams in the third quarter here. the street really at this valuation level needs to see better revenue relative to plan. >> we can get revenue, but i mean last year things went off a cliff so again it gets to this point because you're comparing something so horrible you look good but you still stink. >> i totally agree with that bhu look tat, the s&p is projected to learn about $15 per share. up to about -- $17 in the fourth quarter. but craig was saying the same thi
blowout quarter when you consider year over year, when you're looking become a year ago to the post lehman collapse, right. >> yeah, no question about it. and i think what's very important as we move into the third quarter rn eggs season and juxtapose that against the second quarter earnings season, it was driven by a lot of cost production that was much greater than analysts expected, hence driving the upside earnings expectings. you didn't see the top line that the market is hoping to...
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Sep 17, 2009
09/09
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bear stearns fails, lehman goes bankrupt and millions of ordinary americans lose. so after all of that pain, who gets punished? so far, just two hedge fund managers face charges. our on-air editor, charlie gasparino, joins us now. it does not seem fair what's going on. >> they were into two bear stearns hedge funds, they go to trial in a couple of weeks. here's the irony here. called my white collar crime sources up and said, listen. there's been a lot of talk, there were investigations whether merrill lynch disclosed proper investigations. whatever scharts, who said it was fine, he gave an interview with us just days before the place imploeded. whether citigroup, where executives were saying everything was fine. they were investigations into this. and by the way, the implosions of those firms is in the hundreds of billions of dollars in investor losses. those investigations from what i hear are either in limbo or these guys have moved on. that doesn't mean there will be be a slap on the wrist charges. clearly not prosecution -- a good chance they won't face sec ch
bear stearns fails, lehman goes bankrupt and millions of ordinary americans lose. so after all of that pain, who gets punished? so far, just two hedge fund managers face charges. our on-air editor, charlie gasparino, joins us now. it does not seem fair what's going on. >> they were into two bear stearns hedge funds, they go to trial in a couple of weeks. here's the irony here. called my white collar crime sources up and said, listen. there's been a lot of talk, there were investigations...
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Sep 24, 2009
09/09
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CNBC
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this is the first time they've come to the market since lehman assets. finally, let's end with just taking a look at where we stand in terms of global equity capital markets activity. aren't those nice colors? there's ipos, convertibles, follow alongs. but it gives you some sense of what we're talking about here and how active a quarter it has been. mr. haines, back to you. >> do can you see all those numbers? >> that is some pretty chart. >> nice. a lot of color. >> lots of pretty colors. thank you, david faber. >>> reports this morning, goldman sachs, not expected to -- this is going to make some people really ticked. the goldman sachs bonus bill going to be $16 billion this year. bonus pool, i'm sorry. ceo lloyd blankfein struggling to figure out how to pay his employees while avoiding looking really greedy, especially after he publicly declared that wall street pay is too high. >> he did. he wrote an op-ed in the financial times. >> it's interesting here, though, because i've been working on this. there's a story out there on wall street, mark and er
this is the first time they've come to the market since lehman assets. finally, let's end with just taking a look at where we stand in terms of global equity capital markets activity. aren't those nice colors? there's ipos, convertibles, follow alongs. but it gives you some sense of what we're talking about here and how active a quarter it has been. mr. haines, back to you. >> do can you see all those numbers? >> that is some pretty chart. >> nice. a lot of color. >>...
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Sep 28, 2009
09/09
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CNBC
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tightened almost to pre-lehman levels. if you look at where spreads were in march of '09, 1600, 1700 basis points over the treasuries, they have contracted to about 800 which tom mentioned. you go back to late 2007, these spreads were around 600. so the danger in this now is how much more do you think that these spreads can tighten before we hit a real danger zone in high yield? the same thing is happening in investment grade but primarily in the high yield market, great run. my concern is about defaults as well because unlike -- i really don't agree with tom on defaults. it lagged the economy. if we haven't seen an economic rebound, we haven't seen a lot of defaults yet. >> you're thinking, when you're saying, what were you saying, matt, mid single digit ge default rate, you're thinking how much higher is real list is? >> i think we can see more in the upper double digits of default rates. even more importantly than just the default rate, the recoveries. and because that's the key. it's one thing to default. what are you
tightened almost to pre-lehman levels. if you look at where spreads were in march of '09, 1600, 1700 basis points over the treasuries, they have contracted to about 800 which tom mentioned. you go back to late 2007, these spreads were around 600. so the danger in this now is how much more do you think that these spreads can tighten before we hit a real danger zone in high yield? the same thing is happening in investment grade but primarily in the high yield market, great run. my concern is...
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Sep 11, 2009
09/09
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CNN
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monday marks one year since the collapse of lehman brothers. that triggered last fall's global meltdown. the white house says the president will focus on the steps he's taken to restore the economy and commit his administration to unwinding the government's role in the private sector. >>> what was it like inside the world trade center towers after the planes hit? we will find out from someone who knows all too well. e. it's personal. i have diabetes. rodney's kid too. so we're so proud to manufacture... the accu-chek® aviva meters and test strips... here in the u.s.a. plus, we've proven you'll waste 50% fewer strips... when you use our meter, which means greater savings... for people with diabetes, like me. now that's a true american value. accu-chek® aviva. born in the u.s.a. a very important phone call i made. when i got my medicare card... i realized i needed... an aarp medicare supplement insurance ca,e too. one simple call... gave me the chance to talk... with a personal health insurance advisor... who answered all my questions... about
monday marks one year since the collapse of lehman brothers. that triggered last fall's global meltdown. the white house says the president will focus on the steps he's taken to restore the economy and commit his administration to unwinding the government's role in the private sector. >>> what was it like inside the world trade center towers after the planes hit? we will find out from someone who knows all too well. e. it's personal. i have diabetes. rodney's kid too. so we're so proud...
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343
Sep 8, 2009
09/09
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CNBC
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a year ago as we come up to the anniversary, of course, of the bankruptcy of lehman brothers and all that other fun, could you not have said with a straight face, oh, yeah, $8 billion in financing for a leveraged transaction, 3.75 times levered, even an investment company, no way. there would be a layup in terms of getting financing. that has changed. nobody is even talking about kraft and the $8 billion it needs in financing being an issue, it's simply a question of when they will move handy tie that up. that is a different environment. one that may also embolden other companies, strategies to go ahead and also make bids in the past they might not have embarked upon. we'll see if we have more coming. disney making a move last week. along with baker hughes and dj services, another large deal, then this week beginning with that bear hug from kraft for cadbury. we'll see if there will be more particularly in the food rene narc mark. of course, when you see one company make a big move for another, it does send these things on a path. the wrigley-mars deal in some way, perhaps a forerunn
a year ago as we come up to the anniversary, of course, of the bankruptcy of lehman brothers and all that other fun, could you not have said with a straight face, oh, yeah, $8 billion in financing for a leveraged transaction, 3.75 times levered, even an investment company, no way. there would be a layup in terms of getting financing. that has changed. nobody is even talking about kraft and the $8 billion it needs in financing being an issue, it's simply a question of when they will move handy...
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541
Sep 9, 2009
09/09
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CNBC
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almost a year ago, of course, we had that cataclysmic week during which lehman brothers went bankrupt and gm and the rest of the story. even though we are well into a year of a credit crunch, suddenly the consumer decided to back away and back away completely. and we plunged sba what has been, well, the deepest recession we've seen since the post-war period. what is interesting is, a year later, while so many other things in the financial system, at least are undergoing repair, the consumer continues to pull back. in many ways, something that people had hoped for for quite some time. consumers are going into debt less, spending less, and saving more. take a look at the latest numbers that we got on terms of consumer credit for july, falling for the sixth straight month. the 10.4% annualized rate at which it fell, in fact, you have to go back to 1975. i mean, they've never seen, june of '75 to find that kind of annualized decline. consumer credit is down 8.8. june, look at the july numbers. at $21.6 billion, you can see revolving credit, nonrevolver, everything came down. revolving cre
almost a year ago, of course, we had that cataclysmic week during which lehman brothers went bankrupt and gm and the rest of the story. even though we are well into a year of a credit crunch, suddenly the consumer decided to back away and back away completely. and we plunged sba what has been, well, the deepest recession we've seen since the post-war period. what is interesting is, a year later, while so many other things in the financial system, at least are undergoing repair, the consumer...
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Sep 11, 2009
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the one-year anniversary of the infamous collapse of lehman brothers. while the recession started many months earlier, some date the financial sector crisis to last september. the administration says things greatly improved since then. >>> now, these days many people associate the american auto industry with words like bankruptcy, bailout, and laughs, but gm is now launching a new campaign with the goal of turning around its image. and for you, that means a money-back guarantee. right, susan lisovicz? >> like you said, kyra, this is some test drive! if you don't like your gm car, you can return it within 60 days with a full refund. now, we've seen plenty of money-back guarantees for things like cell phones or tv sets, for a $25,000 vehicle, that is extraordinary. but these are extraordinary times, you know? cash for clunkers is gone. all automakers need to get people into the showrooms again, so gm is launching this "may the best carwin" program starting monday. it goes until the end of november. there are some caveats. you have to start paying for the
the one-year anniversary of the infamous collapse of lehman brothers. while the recession started many months earlier, some date the financial sector crisis to last september. the administration says things greatly improved since then. >>> now, these days many people associate the american auto industry with words like bankruptcy, bailout, and laughs, but gm is now launching a new campaign with the goal of turning around its image. and for you, that means a money-back guarantee. right,...
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Sep 18, 2009
09/09
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. >>> a year after the collapse of lehman brothers, are big bonuses and golden parachutes coming back to wall street? cnnmoney.com's poppy harlow has the "breakdown" from new york. poppy, you know, there has been a lot of talk about this, and there will be more talk next week in pittsburgh at the g-20, but what actually has been done so far to curb excessive pay? >> great question, tony. not much. a lot of talk as you said. not much action. what has happened is president obama has appointed a pay czar, that is, attorney kenneth feinberg, but he can only review compensation at banks that got bailout money. but there's some news today, some front-page news in "the wall street journal" that the fed may be trying to enact its power to limit pay for all bankers. "wall street journal" reporting 5,000 banks could be affected by this, 25 of the largest banks in the company, you could probably name them, would be under the most scrutiny. the plan would affect all banks regardless whether or not they received bailout money and this could apply to high-paid traders, loan officers and also, of co
. >>> a year after the collapse of lehman brothers, are big bonuses and golden parachutes coming back to wall street? cnnmoney.com's poppy harlow has the "breakdown" from new york. poppy, you know, there has been a lot of talk about this, and there will be more talk next week in pittsburgh at the g-20, but what actually has been done so far to curb excessive pay? >> great question, tony. not much. a lot of talk as you said. not much action. what has happened is...
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become involved trading securities, buying commercial mortgage-backed securities among one another like lehman brothers, kind of a small version of what happened in new york. we need to get the guys back to banking, making loans and getting repaid and being trust worthy. >> peter, thanks so very much. >>> some people who live near los angeles are allowed back in their homes this morning now that firefighters are getting ahead of the so-called station fire. i want to show you the area that we're talking about here. fire officials releasing new numbers this hour saying 140,000 acres of mountains and residential communities are destroyed. look at these amazing pictures showing how close the flames have come to some of the communities. unbelievable. at least 62 homes have burned. firefighters are also battling other blazes around the state, at least five active fires are burning now. but none nearly as big as the station fire. >>> let's bring in mike bryant, a deputy fire chief for los angeles county helping to lead this big battle against the station fire. thanks for being with us. listen, mike.
become involved trading securities, buying commercial mortgage-backed securities among one another like lehman brothers, kind of a small version of what happened in new york. we need to get the guys back to banking, making loans and getting repaid and being trust worthy. >> peter, thanks so very much. >>> some people who live near los angeles are allowed back in their homes this morning now that firefighters are getting ahead of the so-called station fire. i want to show you the...
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Sep 10, 2009
09/09
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. >>> we're back one year ago today much of the talk was about lehman. yes, it has been a year. announced the results as the stock was in a free-fall, announced plans to sell a 55% stake and not surprisingly raveni was sounding doom. >> it's not just housing. it's not just housing, commercial real estate, auto loan, leverage loans, corporate data up and are going into bankruptcy. so you have all of these losses and come up with a number of minimum. recognize only $400 billion. the worst is ahead of us. >> one year later the president says the worse is now behind us. are we really in the clear? joining us on-set ron wean, president and ceo of rdm financial group. ron was just named baron's newest list of top 100 financial advisers. p in philly, sean clark, sir clark capital management. sean, what about it, are we in the clear? >> hi, mark. i wouldn't say we're in the clear. is the worst behind us? absolutely. priced in the worst case scenar scenario, great depression as well as end of the financial system as we know it. march lows took both scenarios off the table. >> you think w
. >>> we're back one year ago today much of the talk was about lehman. yes, it has been a year. announced the results as the stock was in a free-fall, announced plans to sell a 55% stake and not surprisingly raveni was sounding doom. >> it's not just housing. it's not just housing, commercial real estate, auto loan, leverage loans, corporate data up and are going into bankruptcy. so you have all of these losses and come up with a number of minimum. recognize only $400 billion....
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Sep 24, 2009
09/09
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last fall when the markets froze we lost people like lehman, bear stearns, a number of others, things that took place. we're wholesale funded or highly leveraged companies. clearly we need to look at liquidity differently, counterpart risks differently. that's what we're doing, i think will show up in higher capital requirements. >> people worry the urgency is gone or failing because things looked so much better than they did in april or last november. especially one thing to get the framework but one thing to start implementation it. that takes time. by the time this gets going, people's fear will be gone. >> to some extent that's true but it's in all of our best interest to have the systemic risk move forward and think about certain risk categories differently than we did in the past. we don't want this to happen again. >> did you ever think an issue like banker bounces would be on the agenda. >> i didn't. i never get paid like some of the people get paid. >> shoot industry be worried? >> actually i think we have to make sure that compensation is reflective of the risk that's taken
last fall when the markets froze we lost people like lehman, bear stearns, a number of others, things that took place. we're wholesale funded or highly leveraged companies. clearly we need to look at liquidity differently, counterpart risks differently. that's what we're doing, i think will show up in higher capital requirements. >> people worry the urgency is gone or failing because things looked so much better than they did in april or last november. especially one thing to get the...
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Sep 21, 2009
09/09
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why don't we compare ourselves to where we were, let's say before the lehman crisis a year ago. how about the all-time high in the market, how different valation levels, how different earnings estimates and earnings expectation. we have long-term problems in this country, no question about it. but i still think we're at the sweet spot of the cyclical recovery process. >> why don't we talk a little bit, we have the meeting tuesday and wednesday, on wednesday we'll be getting a statement. there's a lot of speculation about what we might see, people wondering if the feds are going to start preparing for ventiality of the programs, will they talk about commercial real estate. >> i think they will have to begin to prepare us for an exit on what they call and the market calls using policy. there's two parts to the program, one 0% interest rates and quantitative, which basically meant the fed would buy trillions of assets whether morgue loans or agency securities. those programs are basically scheduled to end towards the end of the year and in most cases at the end of the year. and so
why don't we compare ourselves to where we were, let's say before the lehman crisis a year ago. how about the all-time high in the market, how different valation levels, how different earnings estimates and earnings expectation. we have long-term problems in this country, no question about it. but i still think we're at the sweet spot of the cyclical recovery process. >> why don't we talk a little bit, we have the meeting tuesday and wednesday, on wednesday we'll be getting a statement....
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Sep 29, 2009
09/09
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lehman brothers had collapsed. there were calls for a huge bailout. but on this -- basically, before this day the house rejected the government's bailout plan. now, later on it did pass, of course, but there were a lot of fears the economy might sink into a great depression, driving the dow down to 6,500 by march, even after the initial drop. now, stocks have recuperated much of that loss since then as things have stabilized, at least in the financial system. so many people out of work. we're a long way from the economy recovering. but at least the financial system has recovered, which is kind of like the foundation of the house. we have still a long way to go from the dow's all-time high of 14,000. virginia, back to you. >> thanks so much, jen. >>> at least 75 detainees at guantanamo bay are now cleared to be released. a task force made the recommendations as part of the obama administration's push to close that prison. there are more than 200 detainees there. a few of them on the list have already been sent back to their homelands or relocated to an
lehman brothers had collapsed. there were calls for a huge bailout. but on this -- basically, before this day the house rejected the government's bailout plan. now, later on it did pass, of course, but there were a lot of fears the economy might sink into a great depression, driving the dow down to 6,500 by march, even after the initial drop. now, stocks have recuperated much of that loss since then as things have stabilized, at least in the financial system. so many people out of work. we're a...
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Sep 1, 2009
09/09
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is he, does this guy who says on the day that lehman brothers chances and the market's go into a free fall that the fundamental of the economy are sound? whether the were or not -- >> seems more serious than mccain. do you know what i mean. more serious. >> golf swing. >> guest: i think so. only because john mccannas forced i think he believes by his republican base to take positions he really doesn't believe. drill baby drill. john mccain really the first green republican in the past 25 years in the senateo step forrd and do to make some great steps forwa o the green issue. but barack obama seemed like the safe choice. now, when i say that, a lot of my conservative friends and my mother said how can you say that? again, i'm not looking through an ideological lens this is about temper m. this is berk yan. it is about rsell kirk talking about how conservatives conserve. how conservativesstablish social order and how americans don't want you darting too far one way or the other. >> host: answer this as a guy who works in tv and cares about how things look and seem and the impression giv
is he, does this guy who says on the day that lehman brothers chances and the market's go into a free fall that the fundamental of the economy are sound? whether the were or not -- >> seems more serious than mccain. do you know what i mean. more serious. >> golf swing. >> guest: i think so. only because john mccannas forced i think he believes by his republican base to take positions he really doesn't believe. drill baby drill. john mccain really the first green republican in...